What bank is better BECU or Bank of America??

Question

why>

which one has good interests rate and offers more?

any others you recommend?

Answer 1

You need to "look" at this in another perspective because "Credit Unions" vs. "Banks" differ.  Bank of America is a proven, well organized "financial" institution supporting a "huge" population and many businesses of all sizes.  "Customer Service" has recently improved with knowledgeable, confident, and caring representatives.  In support of YOU they will help any way possible, giving you understanding of a situation and how to correct.

ALL banks now offer "competitive", "worthy" to compare, rates of interest.  Bank of America, with their tremendous customer base, does offer, at times, "incentives" to "capture" your business.  Remember, YOU can do your personal "banking" elsewhere and still apply for other services with another, "comparison" shopping.  I have learned from those I personally know, including my fiancee, unless you are a large "depositor", have a "substantial" amount in an "account, you DO NOT benefit when applying for loans, acquiring CD's, or other services.

"Turning" to another direction, "Credit Unions".  YOU are a "member" when accepted, therefore, your membership has benefits.  This is YOUR "financial institution" in a sense and employees of the CU are "looking" after YOU and not the overall "structure".  CU's shop on behalf of "members" acquiring the very best in "services", rates of interest, etc.  For example, rates of interest at a large bank "manages" on their ability to "service the account" properly and/or may not offer help on "hard to do" loans.  CU's, on the other hand, have the ability to shop other "institutions", "brokers", etc. offering more "choices" for a better decision.

As a CU member many services with good discounts are routine.  For instance, many auto dealerships offer "special pricing" to members and, at times, the CU itself will have YOUR loan representative on-property.  YOU will further benefit by the use of a network of "car buyers", individuals that shop for you, and, personal experience, get the very best deals.  Any and all services YOU need are personally, in a proper, courteous, customer service manner expected.

When, or if, you are in the market for a "home loan" an important question, How long does "underwriting" average?  Why?  The process takes time and once YOU have "satisfied" what your representative has needed, i.e., your personal documents, etc., a "loan package" is prepared and sent to "underwriting"?  If a bank is YOUR choice to apply the average time can be 60 to 90, typical from what I have noticed.  CU's differ, approximately 20 to 45 days.

If YOU are like MOST, ATM machines are important.  Paying up to $4.00 to use someone else's can be "expensive" and "factor" into a personal budget.  A Debit/ATM card can be used anywhere, over seas, etc.  If there is an abundance of BK of America ATM's, not necessarily at their branches, this must be a "factor" of consideration, a "lot" of money "out the window" to many.  Many Credit Unions, to compete with the competition's multiple branches, NOW offer "paybacks" for ATM useage at others.  For instance, I use the "Navy Federal CU", and each month a "credit" for ATM useage.  Ask this when discussing with the CU.

Now, a "little" secret many do not know.  If you have a relative, friend, associate with others, that have an account with the following, YOU too can inquire and may be accepted.  I bank with USAA and have accounts at the Navy Fed. CU as well.  Both originally created for military personnel.  These institutions are "wonderful", very much "customer service", will do anything for you and why I use.  Navy's, in Virginia, USAA, in Texas, but with USAA you can "scan" from their website, any check and get "instant" credit, pretty "cool".

CU's often have a "minimal" balance to be maintained and/or require to open a "savings account" as well.  If you are not a frequent "depositor" or maintain very "minimum" balances, then YOUR choice maybe better suited at a bank.  At either inquire about "direct deposit" as well and if YOU have benefits in doing so.  Inquire about "on-line" banking as well.

Good Luck, stay positive.  YOU can always try any and go elsewhere if not completely satisfied.